My health insurance is going up......again!!

Yes, the topic of the blog says it all and I know that many people out there are dealing with this especiallysince open enrollment is coming up. Yes, your health insurance premium is going up and no they are not doing anything extra to charge extra for it. But did you

seriously think that because everyone in the country wants a higher minimum
wage that the health insurance was not going to change with the premium? Let’s
come back to reality everyone and know why is your premium going up and is
there anything you can do about it. So, first thing first, why is my health
insurance going up?

Although some people are going to look at this as the apocalypse is coming and the oil industry is increasing, or the government is wanting to charge more. It is none of those health insurance is increasing because our country wanted a higher minimum wage. Which means the cost of living is going to go up as well, which also means the people at the hospital also wants this higher minimum wage. With health insurance paying for the expenses of your medical care at the hospital that means it is going to go up as well so they can actually cover the expenses that you need. Also remember that it is a business and the health insurance company is trying to make a profit off of you as well so they need to actually keep the margins at a good amount so they can see that profit.

Which leads into the next situation we are running into in the health insurance market. That situation is switching from a group policy to an individual policy. This would assist you in being able to choose that lower premium. Instead of being stuck into a mandatory plan with the company you are employed with. The hard part about this is a lot of medical companies are getting out of the individual market, but they are staying in the group market. This is highly profitable to them to stay in the group market because they know companies are always going to have health insurance for their employees.

Also, it is higher premiums, higher premiums mean higher commission for the person that places the plan. Yes, I know what you're thinking wow that must be awesome for the person that lands a benefit plan for a 500-person company. In that case you are sharing a lot of the commissions with other people, but that is a story for another day. A great example is in the state of Arizona last year there were 13 health insurance companies that were in the individual market. This year that amount went from 13 to 3, this is a big problem when it comes to someone being self-employed or is an independent contractor.

Now that we have the problem in front of us we can now see what the solution is, and what are your options to saving some money outside of a group plan. Now remember there are four metal tiers when it comes to health insurance you have bronze, silver, gold, and platinum. Of course, the higher you get on the middle tiers the more expensive it costs.  With a gold and platinum plan you will not have a deductible, but if you actually put a silver plan up against a gold plan the max out of pocket could possibly be different as well. These are all things that you would look through when you are choosing a health insurance plan, so make sure that you get all your questions answered by your insurance professional that is assisting you.

If anyone is needing any advice on the health insurance plan you are on right now we are always able to assist with that so please leave a comment below if you have a question that needs answered. You must also watch when choosing a metal tier  if you go with a bronze plan which means the premiums are low but the deductible is high, you need to have something in place to even that out. What do I mean about even it out, I mean to have a supplemental health plan in place that would assist you in paying those deductibles instead of everything coming out of your own pocket. There is a reason why we must say this when we are talking about health insurance. That reason is because 80% of the bankruptcies across the United States are due to medical bills. This is not all medical bills across every health insurance plan across every middle-tier there is.

It is because with a bronze health plan the deductible can range from $8,000 to $17,000, depending on the company you choose of course. So, what you can do is if you want to save on your premiums, you can get a bronze or silver health plan. Then get a nice supplemental health plan from a company like Aflac (Yes, we supply Aflac products) as in their Accidental or Hospital Indemnity plan. These plans are great because they pay you for each thing that is needing done with a trip to the hospital. (exp. Stiches, xrays, ambulance ride, overnight stays, etc.) These plans also pay you for doing an annual doctor checkup! (which you do anyways, so why not get paid for it)

With having this plan, it will decrease the amount coming out of your pocket due to the unexpected trip to the hospital. A great thing about those types of companies as well is they have a 24-hour payout when it comes to your claim. That helps exceptionally with families that have accident prone children, or you just want that extra protection for your loved ones. In this case we are using it as a bridge between affordable healthcare and high deductibles. This is something that everyone needs to understand because open enrollment is approaching and if you have not received an update yet at your place of work, your health insurance premiums will be increasing as of January 1st, 2018.

If you need an update on if your company is staying in your state as of January 1^st, 2018 with your individual health plan, please comment below with the name of your company and the state you live in. I will be able to give you the current update to your company and your state. If you have any questions please post below in the comment section, I would love to be of assistance. This is not just a present-day problem but a situation that has been occurring for decades now. So, let's get you and your family covered, without breaking the bank and keeping that security that you have in your life.